Selling into different channels is one effective strategy to reduce your risk. If one channel declines there is the possibility a different channel will increase. No one predicted the changes we have experienced in the last 6-8 weeks. The huge shifts in the food industry might have had a positive or negative impact on your business. If you had your own loyal following of shoppers online you might have been insulated from some of this change and perhaps even benefited from it.
Online has many advantages:
1) Many physical limitations of distribution are eliminated,
2) You do not have to go through the listing process with a retailer,
3) Products selling in retail usually have at least 30% margin for the retailer and 20% for a distributor built into the selling price. This is revenue you do not see,
4) You can sell direct to consumers where you can interact and learn from their feedback,
5) Some online strategies allow you to maintain more control over your products.
More consumers in North America are buying online than ever before. We are being told to stay home and many consumers are leery of going to stores, even if they are open. This could be the right time to develop your online business.
It sounds great but if it is so great why are there not more successful examples of online food and beverage products?
There are a number of challenges and hurdles you need to overcome to have a successful online business. One thing I have learned is that you cannot know everything. It is important to seek advice from an expert to shorten your learning curve. This week we are taking that philosophy at SKUFood. I am really excited to let you know we have Carolyn Crewe from Duckish joining us to really explore the online opportunity.
This week in our SKUFood Recipe for Success, presented by FCC, we are going to learn from someone who is doing it. No theory or magic, just the reality of what is required to have a successful online business. Join us for this weeks FREE Recipe for Success, presented by FCC, Wednesday May 6 at 2 pm Atlantic (1 pm Eastern) where we discuss what is required for a successful online business.
I can’t wait to learn more about the online opportunities and challenges. I am incredibly excited to tell you for the 4 Wednesdays in May we will have Carolyn Crewe from Duckish in our Recipes for Success. As CEO and Co-Founder of Duckish Natural Skin Care, a delightful all-natural bath, body and baby care brand based in Halifax, Nova Scotia, Carolyn has learned a lot about navigating both the e-commerce and brick-and-mortar business landscape in the past few years. Duckish has grown from a part-time business to a thriving e-commerce brand with national distribution and products on the shelves of over 125 stores, including Whole Foods Ontario, in the last 4 years. From deciding whether or not to sell online, choosing an e-commerce platform, building an Amazon store, or collaborating with subscription box businesses to grow revenue and brand awareness, Carolyn has a wealth of experience under her belt.
Carolyn will join us for the 4 Wednesdays in May for these sessions:
May 6- Is your product right for online selling?
May 13- How to succeed on Amazon
May 20- Developing your own e-commerce model
May 27- Exploring other online options like subscription models
Did you know…
Food retailers who have online capabilities have increased their online sales 7-8 times? That means 12-14% of sales are now online orders at Loblaw, Walmart, Save On Foods and others.
It has been reported Amazon needs to hire 100,000 new employees to service the increase in demand they are experiencing.
Canada Post says they are experiencing ‘Christmas like’ volume.
If you are selling online now and want to learn more or you want to figure out how to do it join us for these valuable conversations.
At SKUFood we have changed our model to address the changing priorities of producers and processors in the food industry. All of those great conferences and events are not happening so I will not be able to travel across the country with my shopping cart. I will miss those events but we are making changes to allow us to deliver virtually. If you would like more information about that just send me an email at Peter@SKUFood.com or give me a call at (902) 489-2900. There are many great opportunities to interact virtually with your audience.
We made the decision to make our SKUFood content available online too. It was/is a lot of work and success does not come overnight. In our case the product is information, processes to help you deliver better results and a community of people in the food industry.
We are also doing all of our consulting and coaching online. With the technology available now we can talk while you are wherever you want to be. It takes less time and you can be very focused and effective from your own chair. If you have a challenge with a customer or need some advice just send me an email at Peter@SKUFood.com or give me a call at (902) 489-2900. There are many great opportunities to interact virtually with your audience.